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Morons At Lear Accept Icahn Bid

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Our ears always perk up whenever someone mentions that "management" is backing a bid by corporate raider activist investor Carl Icahn. Because, well, you kind of have to wonder if "management" knows who Icahn is. As part of his bid package to acquire Lear—which the troubled auto-parts company announced this morning it was officially accepting—did Icahn have to specify exactly which of members of management he regards as morons and frat-boys?
Interestingly, the Icahn's buyout agreement reportedly contains a "go shop" provision that gives the company 45-days to consider competing bids. It's not clear yet whether anyone expects this to actually happen. There certainly are some Lear shareholders—even some other "activist investors"—who think Icahn's bid is too low. But for the most part "go shop" provisions are CYA moves—meant to provide legal cover against shareholder lawsuits claiming that the company was undersold: "Hey, we waited around for a month and a half and no-one else wanted this thing!"
And you better believe that when you are accepting a bid that is more than four bucks below where your stock is currently trading, those CYA provisions are pretty important.

Lear Accepts Carl Icahn's $2.8 Billion Cash Offer